The Saudi Arabian Tadawul All Share Index (Tasi) advanced 1.80% Saturday, closing at 7,675.61 points. Market bellwether Sabic, the Riyadh-headquartered, global producer of petrochemicals and metals, hit a seven-month high at SR 107 ($28.53) .
Earlier in the day, the research of Saudi investment bank Jadwa Investment said in its March market analysis released Saturday that after the Saudi gauge reached a three-and-a-half year high, “we expect further gains in the TASI during the year, but think that the recent rate of growth will not be maintained.
Our forecast is that the TASI will end the year at 8,050.” Jadwa added: “Listed company earnings are forecast to grow by 14 percent in 2012. The industrial investment sector will record the fastest earnings growth owing to the first full year of production from Saudi Arabian Mining Company’s ( Ma’aden) massive phosphate facility.”
Ma’aden added 0.86% to reach SR 35.10 ($9.36) Saturday. 124 shares advanced, while 12 declined. Some 693 million shares were traded, valued at SR 14.4 billion ($3.84 billion). These data have been reported by AMEinfo.com.
